J-POWER completes acquisition of Genex

The acquisition price was $228m.

Japan's Electric Power Development Co., Ltd. (J-POWER) has completed its acquisition of Genex Power Limited, making the Australia-based company its subsidiary.

In a statement, J-POWER said it acquired 1.28 billion Genex shares with a total value of $228m (A$351m).

“The impact of this acquisition on J-POWER's consolidated financial results for the fiscal year ending March 2025 is expected to be minimal,” the company.

Genex said last month that the acquisition got an approval from proxy votes, with over 80% saying they were in favour of the takeover.

With the completion of the acquisition, J-POWER said Genex has applied to be delisted from the Australian Securities Exchange (ASX) with effect from close of trading on ASX on 1 August 2024.

$1 = A$1.54